Richard E. Willey will step down as president of the Pennsylvania Higher Education Assistance Agency next Wednesday, rather than at the end of the year, the Pittsburgh Tribune-Review reported. Mr. Willey moved up his departure date just as the state’s auditor general released an interim audit report accusing the student-loan agency, known as Pheaa, of lavish spending on employee benefits and executive perks.
In a written statement describing the audit’s findings, the auditor general, Jack Wagner, said Pheaa had granted bonuses totaling more than $7.5-million since July 1, 2004, including a payout of $1.1-million to its 23 highest-ranking executives just a month ago. The agency “has a far more extensive and lucrative bonus/incentive program for employees and management than has been previously revealed to the public,” he said, and “has cost taxpayers millions of dollars that could have been used to help needy students.”
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